Hubbell Realty Co. plans to move forward with a luxury condominium project at the former site of downtown Des Moines' Riverfront YMCA, the company's chief executive confirmed Tuesday.

Hubbell CEO Rick Tollakson told the Des Moines Register that the company's plan for the property near the Des Moines River is based on a three-building setup, each with seven stories, that would comprise around 120 luxury units and also house a restaurant, bar and coffee shop.

The project had been slated for a spring 2018 date for breaking ground. Tollakson said Tuesday that plans are to begin construction by spring 2019 and to have at least two of the buildings ready for residential use by this time in 2020.

The announcement comes with the backdrop of his company and the city of Des Moines reaching a 90-day extension on a "put agreement" for the property, news reported by the Des Moines Business Record.

Such an agreement would have obligated the city to buy the 2-acre property from Hubbell for $5.2 million if Hubbell had chosen not to develop the land by May 31.

But the decision is to forge ahead with the original plan, one championed by the city and which thwarted the General Services Administration hopes of putting its new $137 million federal courthouse on the property.

"The key now is sitting down and figuring out unit sizes," Tollakson said. "… It's been a long time since we've had condos built in downtown Des Moines."

PREVIOUS COVERAGE

NEWSLETTERS

Get the Iowa Business Update newsletter delivered to your inbox

We're sorry, but something went wrong

Get the latest scoop on Iowa economic trends, development news, agriculture and retail delivered to your inbox.

The extension to the agreement now runs through late August, Tollakson said. City of Des Moines officials did not immediately respond to requests for confirmation on the timeline of the extension.

Detailed schematics for the site are not yet available, Tollakson said. The general plan involves wrapping parking on three levels of the buildings and housing street- and river-facing condominiums on three other levels.

He said that any commercial property on any of the buildings would ideally overlook the Des Moines River.

Tollakson said early versions of plans for the property involved just two condo buildings, with the third holding a higher-end, boutique hotel. The project would be built in two phases, the first being the original two towers and the second involving a hotel developer operating a building consistent and compatible with the condo designs, he said.

Tollakson had "heavy discussions" with several developers about the hotel option that reached the "planning stages," he said. A relative glut of hotel rooms in the downtown Des Moines area somewhat scuttled those early plans, however.

So for now, the concept is all condos, although Tollakson said that the concept is at such a stage where development could still change. Interest for single-level condos is high, he said, particularly when juxtaposed with the company's three-level Banks properties in the riverfront's Bridge District.

Hubbell bought the Riverfront Y site for $4.77 million in 2016. Tollakson said that GSA officials have occasionally inquired about project developments, but that no one has made a formal offer to attempt to purchase the property.

Tollakson hopes the spring 2019 goal of beginning construction is firm, simply because having properties ready by spring 2020 will take advantage of a traditionally seller-friendly season.

As for extending the "put agreement" date with the city any further, Tollakson was hopeful that the discussion was a one-time experience.

"I would always hope that one extension is enough," he said. "But if we needed more time — as long as things are moving in the right direction, if we needed a backup, I think I would get it."